Online fashion retailer Boohoo to unveil first results since float as Asos ends week in tears

Online fashion retailer Boohoo is hoping to distance itself from troubles at rival Asos when it makes its maiden results presentation to the City this week.

The Manchester-based firm, which floated in March, is expected to confirm profits of about £15million on sales of £109million.

City analysts believe sales at Boohoo could double in the next two years.

London-based rival Asos has been rocked by a series of warnings that profits will be less than expected, in part because of a revelation in March that it would set more money aside for overseas expansion.

Last week Asos said it was discounting goods to cope with the stronger pound, which has been making its products more expensive overseas, and its shares fell 31 per cent on Thursday.

They rebounded 7 per cent on Friday, but are still less than half of their February peak.

Boohoo joint chief executive Carol Kane will also release trading figures for the first three months of this year on Thursday.